Will dogecoin go up? Will dogecoins price increase? What are the chances of dogecoin flying to the moon with its prices? In this article we will explain what we think about dogecoin's price increasing and why we think so.
What is Dogecoin?
Every time I see a Dogecoin meme, it just makes me laugh. What is Dogecoin? Dogecoin (DOGE) is a cryptocurrency that started as a joke in 2013. It features a likeness of the Shiba Inu dog from the Doge Internet meme as its logo. It was created by Billy Markus and Jackson Palmer who used the Comic Sans typeface in their original logo. In 2014, Jackson Palmer left the project.
Dogecoin was originally created in December 2013. The creator, Billy Markus, wanted to create an alternative currency that could reach broader demographics than Bitcoin. He said: Many people don't invest in bitcoin because they can't buy fractions of bitcoins. With dogecoin, every penny invested will allow for much more buying power. In just 5 days, over 35 million coins have been mined making it one of ico's with higher numbers released yet. As of Feb. 1st 2014, there were around $700 billion worth of Dogecoins in circulation and miners mined at an average rate of 5 million coins per day.
The initial release called for 100 billion coins to be mined over 20 years with yearly inflation, which would increase gradually from 5% up to 50%. On May 17 2014, developers scrapped these plans and announced that mining will instead continue until around 2019 when all 100 billion coins would have been released. There will be no dogecoin inflation or halving after that point.
Dogecoin has been around for much longer than most coins, and it doesn't seem to be going anywhere. The incredible number of coins that have popped up in recent years can't measure up with dogecoin's current market cap of over $61 million USD. One thing that makes it so successful is how easy it is to mine. Anyone can download an app and start generating dogecoins instantly by just running their phone or computer when they're not using them. There are plenty of tutorials on how to start mining that are available online, making it easy for anyone who wants to get started without investing any money or needing special skills. With such ease at one's fingertips, dogecoin seems set to continue its ascent into higher prices for some time yet
Dogecoins provide some interesting benefits. One of them is that you don't need to know anything about cryptocurrency or technology to own one! Users don't need wallets, either- simply enter your e-mail address into any internet browser and your wallet will automatically sync with your account.
Will Dogecoin’s price go up?
Will dogecoin go up in price? Well, if you're looking for something cheap and fast then yes. But if you're looking for stability, I'd go with Bitcoin instead. Either way, investing now may turn out well because nobody knows what will happen to cryptocurrencies in 2022, Especially dogecoin. Dogecoin will most likely go up in price within the next year, but will experience rapid declines in price on its way to the moon too.
The price of 1 DOGE fluctuates daily, so there isn't really any way to gauge what exactly it's worth. You can view current value at CoinMarketCap, or check out Preev to find out how much your favorite crypto is worth today
What will happen if Dogecoin’s price increases?
Dogecoin is currently valued at $0.0022 with an approximate market cap of $54 billion. If it is to increase in price to as high as $0.06 (which would be an increase of approximately 260%), then it would have to reach close to $500 million. With such an increase, dogecoin has surpassed ripple and litecoin which makes dogecoin rank 7th on coinmarketcap for largest market capitalization behind bitcoin, ethereum, and bitcoin cash. The latest increase in value had come from its adoption by trading platforms as one of their supported currencies. As mentioned before, prices could go up if more people invest in or use dogecoin which can happen if more shops accept it. The probability that dogecoin's price will increase seems much lower than its probability of staying at its current price point.
Dogecoin has maintained steady growth in value for a while now. Currently there are many people using Dogecoin with low mining costs and thus, more miners who have used their computer resources to mine Dogecoins resulting in higher difficulty levels that make it harder to mine new coins. This eventually slows down growth rates.
The chances of dogecoin price increasing
What are the chances of dogecoins price increasing? Well, there is not one straightforward answer. There is still an element of risk involved. The most important factors that affect prices is supply and demand. It's been shown that currencies with limited amounts or access to currency generally increase their prices because people who need it now have no other option but to buy from those who have it. So it's possible that if you are using dogecoins now and believe others will need them later then investing in them would be worth it for you. Keep in mind these types of investments come with risks too, so make sure you understand what you're getting into before putting your money anywhere near cryptocurrency!
Top 10 reasons why we think dogecoin will increase:
1) Just like all cryptocurrencies, long-term success depends on basic economic principles. If more people start using dogecoin, then its price may rise because more people want it and value it as a digital resource.
2) The sudden burst in popularity can also lead to rapid rises in value. For example, Lisk was trading at just over $2 USD per token back in January 2017 and within four months it had increased tenfold to over $20 USD per token. These fluctuations could happen for any number of reasons – including government interference – which means that predicting future prices is very difficult.
3)There is still potential for dogecoin to take off globally, even without being able to use it as actual currency. Even though some retailers don't accept it right now, they might in the future. This is part of something called the Flippening. Basically, people hope that someday soon bitcoin and ethereum will just drop out of use and dogecoin will become king crypto by default since everyone already has some (or know how to get some). As technology advances and becomes more accessible across countries (people primarily use smartphones), cross-border transactions become easier (buyers don't need bank accounts or credit cards), and trade barriers decrease then economies around the world will be ripe for cryptocurrencies according to supporters of this idea.
4)The speed of transaction processing times and low fees. Some cryptocurrences are better than others when it comes to transaction speeds and costs, but overall dogecoin ranks favorably when compared to its counterparts. As one Reddit user points out, a “5$ payment I made yesterday took 12 seconds on dogecoins network whereas 4 minutes via Bitcoin”. That would certainly help cement its place in modern commerce.
5)Dogecoin doesn't require investment in expensive mining gear. Unlike bitcoin, dogecoin is mined passively and doesn't need specialized equipment to get started. All you need is free software like EasyMiner for Windows and Linux, BFGMiner for MacOS, or Genoil’s cgminer for OpenWrt on your router. That could mean more people will participate in dogecoin mining and it should keep prices down.
6)It's impossible to determine how much dogecoin will cost in 10 years. This one is pretty subjective, but it's just as much of an assumption as to say that dogecoin prices will go up. Maybe you should buy some now and hold onto them for safekeeping just in case your assumption is correct or maybe you should wait and see if prices go up first. Overall, unless you have that crystal ball - investing is always risky business.
7)Wallets are easy to use. Buying and selling coins with hardware wallets like Ledger Nano S or Trezor is complicated, so people tend to prefer mobile wallets or desktop wallets instead. The specific process for each one varies, but once you get used to it, using Dogecoin's wallet service is relatively simple. Mobile wallets are available for iOS and Android devices, while desktop clients are available for Windows 7+, macOS 10.7+, and Ubuntu 14.04+. You can store dogecoins on your own hardware device with some set-up required or just download an app and send coins when you need them instead of having to worry about how your computer's files are organized on your hard drive.
8)Favorable interest rates. When you invest in bitcoin, you're actually purchasing units of satoshis (one millionth of an bitcoin) that can be used as units of currency. One bitcoin contains 100 million satoshis and it's currently worth $1104 USD. That means your investment is worth $1104/1000 = 1.104 cents per satoshis or about 0.0087% annual interest. Dogecoin users don't have to worry about conversion rates because all coins are valued equally so no matter how many dogecoins you have, it's still worth one unit.
9)Bitcoin is reaching its capacity. There's been much debate about how bitcoin can handle scaling to meet global demand. Currently, only seven transactions can be processed per second, which makes it almost unusable as currency for larger transactions. In contrast, dogecoin's block time is one minute and allows up to 1000 blocks to be processed per hour (about 17 trillion coins annually). Theoretically that means that dogecoin could possibly address transaction backlogs if necessary because it doesn't depend on third parties for confirmations like bitcoin does. On top of that, dogecoin's price is still fairly stable because of low volatility and limited coins available so not as many people are abandoning it for other cryptocurrencies in search of bigger gains.
10)There's still an opportunity to get in on dogecoin now. The more people that invest in dogecoin early, the higher prices will rise because demand for coins will increase. Dogecoins price is likely to rise as long as there is active participation and investment. There are opportunities to get in on dogecoin now, and if you can take advantage of them then you'll be well positioned when prices inevitably go up.
11) (Bonus reason) There are fewer Dogecoins in circulation. There are over 113 billion bitcoins in circulation and 21 million bitcoin that will ever exist, but Dogecoin is capped at 100 billion coins with 11 billion of them in circulation
Will dogecoin crash?
Another foreseeable event for dogecoin to experience is crashing. In order for dogecoin to crash, many things would have to go wrong and prices would have to tank dramatically. One factor that could contribute to crashing is if something major happens in Bitcoin's life, and it leads to dwindling trade volume which would be detrimental to all other forms of crypto-currency as well. Other than that, Dogecoin may crash if there is never enough interest in investing in it for miners to keep up with producing new coins or if transactions stop happening altogether . The mining fee could also go up to prohibitively high levels that makes it impossible for small-time miners to keep on doing so. There are many more possible reasons as to why dogecoin could crash, but these three seem like some of the more likely scenarios.
Will dogecoin succeed?
In order for dogecoin to succeed in 2022, many changes would have to be made. One possible change that could give it more success is if it goes through some form of regulation and starts fulfilling specific niches. There are some countries where Dogecoin has become legal tender which is helping it's usage and growth in these regions. Getting certified by respected institutions may be another way that Dogecoin can successfully continue to do well. One final step to take would be getting on bigger and more reliable crypto-exchanges which would help in getting DOGE more attention and acceptance.
Will dogecoin ever be taken seriously?
Although dogecoin is already taken seriously by many, it may not be taken seriously enough by 2022. The most obvious problem is that there is no reputable company or organization supporting Dogecoin which would contribute to getting it more credibility and gravitas. One possible solution would be to get on more major crypto-exchanges in order to provide more accessibility for those interested in purchasing DOGE. Another idea could be introducing some form of regulation for dogecoin that makes people feel safer and eliminates any apprehension about spending their money on DOGE. One other way would be getting some of these issues with Bitcoin resolved so that Dogecoin can get some attention as well . The final option could be trying to get some sort of legislation passed that would classify Dogecoin as legitimate currency. With these steps taken, Dogecoin might finally be able to thrive and become accepted by all as an asset worthy of being taken seriously.
Where dogecoin is at today
Dogecoin is currently sitting at $0.203406 USD as of July 12 2021, with its all-time high at $0.740796 on May 7th of 2021. This means that it's current value is 85% lower than its peak value in 2013. This makes it seem like Dogecoin will not have another major rise in price for quite some time, if ever again. The market has changed drastically since December of 2013, which may be responsible for such lower prices and lack of interest from investors.
What caused dogecoin to blow up?
There are many reasons why Dogecoin blew up and surged in value. Some of the reasons include: - A sudden increase in demand for Dogcoin. (i.e. it was accepted as payment by large companies) - Some influential people began talking about it constantly on Twitter and other social medias. - It gets added as an accepted form of currency at places like Amazon, eBay etc
However it is uncertain what might cause these things to happen and so we can't say for sure if or when DogeCoin will blow up